I’d have to check that. I’d assume that a rebate would be regarded as unfair competition?
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Read about farmers being hit amongst the worst due to inheritance tax increase.
Farmer dies, hands farm to son/daughter.
They get massive inheritance tax bill.
Unable to pay bill due to farm value being tied up in the land/equipment.
Forced to sell the farm to pay the inheritance tax bill.
Not sure about that. I read this morning that most farms are owned by wealthy aristocratic families who lease out to contract farmers so they can claim agricultural relief to avoid paying inheritance tax when they pass their land down to the next generation.
I don’t know how accurate that is though.
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I am wondering if the policy is designed to stop the upward pressure on farm land prices. They have also announced an extension to inheritance tax relief for land for designated environmental use.
I’m assuming that this doesn’t prevent farms being gifted to sons/daughters.
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Again, I wonder, how many farms are valued that highly that the inheritance tax would hit that hard?
Tax-free allowance would be minimum £325k, rising to £750k if it’s a married couple, and then £1m if a house is involved no?
And even then, it’s only 40% of whatever that’s above the allowance. In the worst case scenario, a farm worth £1.025m (just for easier computation) would see a tax bill of £280k, but considering it’s a £1m inheritance I don’t think they can complain too much.
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Plus Jeremy Clarkson hates it, so was worth it alone for that.
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Yes, I wonder why?
Detailing his reasons for buying the farm, Clarkson wrote: 'Land is a better investment than any bank can offer. The Government doesn’t get any of my money when I die. And the price of the food that I grow can only go up.
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Cunt of the highest order.
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Given the values cited in this article here: Average value of bare agricultural land hits new record high - FarmingUK News I’m not sure the farmland itself is usually the bulk of the asset values.
Plus if farming is really as unprofitable as is often suggested, then surely the net asset value of the entire farm would not be that high to begin with?
I’m not sure why a farm should be treated any differently from perhaps a shop that’s been held in the family?
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It’s romantic and evocative (with good reason), but agree completely.
Anyone know the figures on how many farmers voted for Brexit, out of interest?
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CAUSED by higher taxes. Imposed by the communists now in power.
Food grows on trees, no issues.
Funny isn’t it that I love Clarkson and Musk. Odd that.
Apples? Are we to become a nature of scrumpers?
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I know that you’re not that stupid, so I am going to assume that you are only saying this to try to rile people.
I’m going to give you the benefit of the doubt… on this occasion.
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Interesting that Robert Jenrick has accused Rachel Reeves of acting like “a compulsive liar” today.
Given that he worked closely with Bozo, i assume that he is a leading expert on the subject.
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It’s an exaggerated remark, one could call it hyperbolic.
Or one could have a sense of humour. Lacking in this thread I find.
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I doubt very much if Jeremy Clarkson will lose too much sleep over it.
The farmer who isnt leasing and actually owns his farm might be though
I thought Clarkson owned his farm?
I’m trying to work out what their agricultural policy actually is. Reducing the cost of agricultural land might be part of it.
I was trying to find out how many traditional owner-farmers there are in the UK. I saw a figure of 70% but there was no indication of whether that is people actually working the land themselves. In Scotland, that will be skewed by crofters as most of the land is owned by around 300 people.
We have friends who run a dairy farm in the north of Germany and they are actually in a small minority of farmers that still run it as a family business. Most of the other farmers now lease the land out to management companies. Part of the problem is that many of their children no longer want to work on the land.
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What’s actually disturbing is the fact that she is getting airtime.
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